New Product, New Opportunity - 10% of New Products Succeed Which Means 90% Fail. This article addresses the key points to business success that small brands need to consider for longterm longevity.
Writing is the primary way business gets done in today's collaborative world. When it's done well, business gets done well. Communication can take many forms, such as texting, email, signage, advertising, blogging, publicity and others. Clearly written proposals lead to more revenue; clearly written notes lead to deeper insights; smart marketing materials gains new audience and boosts company reputation.
The purpose of a business plan is to help develop a strategy for starting your business. It also provides concrete steps that need to be taken, resources required for achieving your business goals and a timeline of anticipated results. For more information, our Business Writing courses cover all the information needed to make your plan come alive on paper and in reality.
The beauty and cosmetics industry includes a wide range of products that is constantly expanding, due to wellness and self-care trends. From makeup to bath products to skincare, some beauty brands are focusing on all-natural ingredients and sustainability. This makes it easier to develop a product on their own using everyday ingredients. But so much more is needed than a few oils from the kitchen. Professional help is the difference between a successful product and a flop.
Important things to consider is who will make your products? Are you going to work with a lab, a formulator or do private label with a contract manufacturer? There is no right answer, your needs will be different from all others. For more information, our Product Development and Contract Manufacturer courses cover all the information needed to make the right choice.
3. Supply Chain Management
For small beauty brands, supply chain management is an essential part of the business. Supply chain management is the management of the flow of goods and services, between businesses and locations, and includes the movement and storage of raw materials or product inventory. This also includes end-to-end order fulfillment from point of origin to point of sale. You must have several suppliers in place in case an issue arises and you need a backup supplier immediately without interrupting the supply chain. Who are your raw material suppliers and do you have backups incase they don't have enough material for the next batch of products? Fulfillment centres need to be chosen with a focus on working with cosmetics. Logistics and shipping need to be carefully managed. For more information, our Business Management courses cover all the information needed to manage your business and not lose your mind.
4. Marketing and Retail Strategies
There are numerous challenges for a beauty brand to sell directly to consumers without involving a retailer. The biggest challenge is getting consumers to be aware of and interested in the brand without spending all your investors’ money. The way these new brands do it is by identifying a market that has been overlooked or taken for granted by larger, more established companies, targeting their promotion at consumers whose needs haven’t been addressed. Product Marketing ensures you’re developing a product people will pay for and want to use. However you decide to go about marketing your idea, it is important to get feedback from a variety of people and an unbiased audience. This can provide details on whether consumers would buy your product. Be wary of over-valuing feedback from people who “definitely would buy” if you were to create your specialized product—until money changes hands, you can’t count someone as a customer. For more information, our Marketing services cover all the information needed to make your products stand out from the crowd and find the right audience.
Cosmetic Regulations law provides a detailed set of requirements for the production, distribution and sale of cosmetic products in Canada. These include the obligations for labelling, storage of items under special conditions and for different products, and specifications for certain ingredients. In the USA, the FDA provides the regulations and oversight on the cosmetic market. Their program is a voluntary submission database, that is necessary for sale in many retailers and for importing into the USA. This is an essential step in your business. Know where your products are sold and what is required to be labeled on the packaging. Regulatory errors can be very costly down the line. For more information, our Regulatory courses cover all the information needed to file your own notifications and stay ahead of regulatory requirements.
Canadian Cosmetic Cluster Team
Uniting Canadian Cosmetics and Bringing it to the World